Investment Research report

Momo, Inc.

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Momo, Inc.
Mo(mo) Money Mo(mo) Problems
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Research Overview

S&P 500
Jun 27, 2018

After conducting a forensic financial and accounting review, Spruce Point believes Momo Inc (NASDAQ: MOMO), a heavily retail-owned live-streaming company based in China, is experiencing issues with the promised “live video” feature and is also selectively concealing material disclosures from investors creating a limited upside to sell-side target. Based on our investigation, we estimate 30% to 50% downside risk, or $23 - $32 per share.

The report highlights several key concerns with the company, including:

  • Evidence that the company is experiencing increasing live video competition and margin pressure from shift towards agencies
  • We have concerns that MOMO may face potentially catastrophic undisclosed risks regarding related party transactions, undisclosed subsidiaries and gambling
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